Medical Waste Management Market 2017 - Industry Growth, Analysis, and Forecast To 2022 – by Credence Research
According to the latest report published by Credence
Research, Inc. “Medical Waste Management Market Growth,
Future Prospects and Competitive Analysis, 2016-2022,” the medical
waste management market was valued at USD 10,861.3 Mn in 2015, and is expected
to reach USD 15,806.6 Mn by 2022, expanding at a CAGR of 5.4% from 2016 to
2022.
Browse the full report Medical
Waste Management: Market Growth, Future Prospects and Competitive Analysis,
2016-2022 at
Market Insights
Medical waste comprises the waste
material generated in healthcare facilities, medical laboratories, clinical
research laboratories and such other locations. Medical waste management is
defined as processes that involves control on generation, storage, treatment,
collection and disposal of medical waste. Proper management of medical waste
has been identified as need of the hour considering their gravity of impact on
general health and wellbeing, environment conservation and welfare of
healthcare workers.
Rigid environment and safety
guidelines and regulations for handling and processing of medical waste have
been created across all the developed regions of the world. Healthcare
facilities and pharmaceutical manufacturers are the largest producers of
medical waste. Since the healthcare infrastructure of the developed world is
well established, compliance to the guidelines form a considerable component of
overall hospital and medical facility management in these regions. Compliance
to such stringent rules has urged healthcare facilities to shift their
activities from on-site waste management to off-site options through
contractual arrangements, in order to augment overall administrative efficiency
and ensure safety.
Through outsourcing of medical waste
management activities, it is ensured that highly skilled workers collect,
handle, treat and dispose medical waste in a cost effective way while
simultaneously assuring environmental and human safety. Some of the prime
observations in this market are:
·
Large hospitals and outpatient
facilities are the largest generators of medical waste
·
Incineration in the most common
method of medical waste treatment
·
Preference for on-site medical waste
treatment will drop in the future in the view of cost management and
administrative convenience
·
Outsourcing of medical waste
management processes is majorly an outcome of cost constraints in planning
medical facilities since the economic upset in 2008
·
The market in developed regions is
fragmented with several local companies exhibiting rigorous market activities
·
Moreover, emerging markets of Asia-Pacific, Latin America
and Middle East Africa will be the fastest developing market in the view of the
rapid infrastructure development and healthcare expenditure. Growing awareness
in these regions has also urged the governments for developing well-defined
regulations for medical waste management.
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